Caracas, June 1 (Prensa Latina) Venezuelan Energy and Oil Minister Rafael Ramirez said that the current prices of crude oil are affected by geopolitical factors and other tensions.
Speaking to reporters Wednesday accredited to the 141st Organisation of the Petroleum Exporting Countries (OPEC) extraordinary meeting, Ramirez denied the rising tendency of oil corresponded to the existing supplies on the world oil market.
"We think there is an overproduction, but every time the US administration threatens Iran, or acts in Iraq, prices become unstable," he explained.
Ramirez said it was impossible to try to stabilise oil prices if there was no security in the producing countries.
The 141st OPEC extraordinary meeting began Thursday with the presence of the OPEC member countries comprising of Venezuela, Iran, Kuwait, Saudi Arabia, Iraq, Qatar, Libya, Indonesia, United Arab Emirates and Algeria.